The Business Times, 16 December 2010

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Total Pages: 28
1 28 The Business Times
  • 24 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg Sft\ A SINGAPORE PRESS HOLDINGS PUBLICATION CO REGN NO *****2868E MICA (P) 138/08/2010 Thursday, December 16, 2010
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  • 614 1  -  20,500 jobs created in Q3, lower than earlier estimate By CHUANG PECK MING [SINGAPORE] Singapore’s job creation machine was still humming in the third quarter of the year, but not as strongly as earlier thought. Final numbers released yesterday by the Ministry
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  • 804 1  -  Sales of new private homes in November hit 1,909; analysts expect Dec to stay buoyant By UMA SHANKARI [SINGAPORE] Demand for new private homes rose again in November, despite the measures to cool the property market announced barely three months ago. The
    Source: URA  -  804 words
  • 143 1 HST INDEX 3,147.20 (-29.71) HST INDEX FUTURES 3,141 (-30) HSIMSCI 371.30 (-4.48) HSIMSCI FUTURES 370.90 (-3.00) FOREX US$ S$ US$ (S$ per US$) 1.313 (US$/S$ per 1.575 2.068 EURO (US$/S$/E) 1.333 1.750 Foreign currency per US$ S$ YEN 83.90 63.90 RM 3.136 2.388 HK$ 7.774 5.919 BAHT 30.06
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  • Page 1 Advertisements
    • 154 1 HOCK LOCK SIEW Things falling into place for Transcu? PAGE 5 COMMENTARY Who gains from a stronger yuan? PAGE 17 PROPERTY Tuan Sing buys Serene House for $99.1m PAGE 27 E&Y ENTREPRENEUR AWARDS Getting plaudits for making their mark PAGE 15 Healthcare IT trails banking industry by 25 years Mobility
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    • 14 1 Pipeline of 12,000 unsold units left in launched projects, Page 4 8 '*****1 *****4
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  • TOP STORIES
    • 570 2 Hot homes sales raise odds of govt cooling DEMAND for new private homes has risen again despite new measures to cool the property market announced barely three months ago. The number of such homes sold by developers in the first 11 months of this year has already set
      570 words
    • 627 2  -  Passing competition regulator’s test seen as easiest compared with political ones By JOYCE HOOI [SINGAPORE] THE Singapore Exchange (SGX) has cleared the first hurdle in its quest for a takeover of the Australian Securities Exchange (ASX), by gaining approval from the Australian
      REUTERS  -  627 words
    • 535 2  -  By SIOW LI SEN [SINGAPORE] DBS Bank will take over the Royal Bank of Scotland’s retail and small and medium enterprises customers in China in a bid to scale up its operations in the world’s second-largest economy. The agreement
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    • 642 2  -  Ho Yen Teck faces up to 10 years jail for each of the 21 conspiracy to cheat charges By GRACE LEONG [SINGAPORE] A former swimming instructor who received about $200,000 for helping scam the Singapore Land Authority of $12.2 million pleaded guilty yesterday to
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    • 923 4  -  Twenty eight projects have more than 100 unsold units each By UMA SHANKARI DEVELOPERS are sitting on close to 12,000 unsold units in private residential projects that have already been launched. Data compiled by The Business Times using information from the Urban
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    • 488 4 Reuters [NEW DELHI] Chinese Premier Wen Jiabao began a visit to India yesterday, pledging to improve market access for Indian companies and insisting the world was big enough for both Asian giants to prosper as partners. Mr Wen said he was looking forward
      Reuters; AP  -  488 words
    • 822 4  -  NEWS ANALYSIS By LYNETTE KHOO [SINGAPORE] Should Global Logistic Properties (GLP) have disclosed an existing non-compete agreement that it has with ProLogis in its IPO prospectus? The recent debate over this poses hard questions for IPO professionals when advising companies on what to
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  • Page 2 Advertisements
    • 176 2 A AY. s HIHIs u World's Finest Serviced Offices A cost effective Serviced Office solution Best address, best receptionist, best IT and support Flexible lease terms starting from one month For less than the cost of a secretary We help businesses succeed Call to arrange a personal tour today! W
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  • Page 3 Advertisements
    • 161 3 A rare breed for those in a rare league. The Jaguar XKR and XK. From $375,000. The Jaguar XKR and XK are in a league of their own for those in a league of their own. Constructed with an all-aluminium body for lightness, it gives excellent rigidity with remarkable agility
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  • Page 4 Advertisements
    • 677 4 HAT3 NOTICES IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF S. M. CHUA NOMINEES PTE. LTD. (IN MEMBERS’ VOLUNTARY LIQUIDATION) Company Registration No: *****1789M At an Extraordinary General Meeting of the Members of S. M. CHUA NOMINEES PTE. LTD. convened and held at 101
      677 words
    • 41 4 1.3 o u wm U find the ones v —=-1T" I n THAT FIT! (1 i Recruit the right people j _> through CATS Recruit. f~ Call 1800 289 8822 or email fS V. recruit@sph.com.sg j to advertise. rJ LJ r? j
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  • COMPANY NEWS
    • 689 5  -  HOCK LOCK SIEW By VEN SREENIVASAN COULD there be some light at the end of the tunnel soon for mainboard-listed Transcu Group? The Japanese life sciences group listed through the backdoor some three years ago promising next-generation pharmaceutical applications such as next-generation trans-dermal patches
      689 words
    • 248 5 SINGAPORE Press Holdings (SPH) donated and raised more than $8 million for charities this year. “This includes a donation of $400,000 by SPH and the SPH Foundation to the Community Chest of Singapore in August, and the Straits Times School
      248 words
    • 416 5  -  Trading in Taiwan-based firm will continue to be suspended By LYNN KAN FINANCIAL One Corporation’s executive chairman and controlling shareholder Andre Koo will decide by Dec 22 whether to make an offer to take the Taiwan-based finance company private.
      416 words
    • 485 6  -  Its view goes against trend as several research houses flag risks in sector By EMILYN YAP ANALYSTS from Credit Suisse are positive on Singapore’s residential property market, going against the tide as a few other research houses flag risks in the sector. In a
      485 words
    • 537 6  -  But risks of default from such loans low, says report By VEN SREENIVASAN SINGAPORE banks’ exposure to the property sector has doubled from 24 per cent of total loans in 1991 to 51 per cent as at September 2010, but banks
      537 words
    • 372 6  -  By TEH SHI NING OLAM International is expanding its wood products business with a 29.6 million euro (S$51.7 million) acquisition that will secure it 1.6 million hectares of natural hardwood forest concessions in Congo and Gabon. It intends to buy over tt
      372 words
    • 345 6  -  By FELDA CHAY BACKED by higher sales in some of its business segments, newly listed Amtek Engineering reported a more than doubling in its first-quarter net earnings. The precision engineering group, which made a listing comeback three years after it was taken private,
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  • Page 5 Advertisements
    • 687 5 at m Artist's Impression Where Business meets Lifestyle^ Captains of industry may well head North as the search for business space with a lifestyle twist becomes a reality in Yishun. Nestled in the rapidly transforming heartlands of Singapore, the pristine A'Posh BizHub is a reflection of the spirit of productivity
      687 words

  • Page 6 Advertisements
    • 281 6 Success speaks for itself*. SHARES AWARDS 2010 (ill prqJM DIGITAL MARKETS AWARDS 2010 Join the award winning network with Saxo. Voted the best in category by three of the most highly regarded magazines in the financial industry. Most recently the readers of Shares magazine, UK, voted the Saxo Bank Group's
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  • SINGAPORE MARKETS
    • 599 7  -  Index loses 29 points on abrupt sell-off in Hong Kong; trading brisk despite absence of many players STOCKS R SIVANITHY Senior Correspondent IN A session where the main theme was rotational playing of second-liners and penny stocks, the Straits Times Index (STI) fell for
      Source: Bloomberg  -  599 words
    • 4 7 DAILY
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    • 64 7 Dec 15 VALUE CLOSE BT OB/OS 196.00-250.00 BT CADI -*****.00-103.00 BT 10-day MA -*****.00 +20.00 FTSE ST Mid Cap 798.90 -1.17 FTSE ST Small Cap 592.27 -2.06 FTSE ST All Share 782.38 -6.12 FTSE ST China Top 293.90 -0.75 FTSE ST China 326.67 -1.55 FTSE ST Catalist
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    • 55 7 VOLUME Genting SP 70,925,000 Golden Agri 67,995,000 Gallant 58,413,000 STXOSV 41,138,000 Bio-Treat 38,965,000 SingTel 36,756,000 Noble Grp 30,686,000 Ezra 29,681,000 RafflesEdu 25,429,000 Amtek 25,064,000 VALUE($) Genting SP 151,175,990 SingTel 114,149,330 Keppel Corp 83,698,066 UOB 82,493,900 SGX 79,032,370 DBS Grp 72,789,640 OCBC Bk 67,246,910 Noble Grp 65,145,770 Golden
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    • 186 7 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 2 9 5 0 0 0 2 9 5 Manufacturing 34 77 65 4 2 16 38 79 81 Commerce 9 24 32 3 2 5 12 26 37 Tpt/Stor/Comms 13 19 11
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    • BROKERS’ TAKE
      • 608 7  -  OCBC Investment Research, Dec 15 Compiled by LYNETTE KHOO WE REMAIN positive on the Singapore market supported by several favourable indicators including good inflow of funds, current low interest rate environment which will continue to favour equities, undemanding valuations, quality earnings for the blue chips of at
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    • 119 7 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 88,078 88,078 151,195 151,195 Manufacturing 364,644 18,859 383,503 284,119 1,069 285,188 Commerce 75,658 9,749 85,407 137,348 890 138,238 Tpt/Stor/Comms 190,950 587 191,537 320,021 157 320,179 Finance 31,348 31,348 308,032 308,032 Construction 12,270 11,361 23,631 4,661
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    • 112 7 Stock name Close Change CapMallsAsia 1.910 -0.040 CapitaLand 3.650 -0.030 CapitaMall 1.940 -0.030 CityDev 13.000 +0.040 ComfortDelGro 1.570 +0.010 DBS Grp 13.900 -0.120 F&N 6.160 -0.070 Genting SP 2.130 -0.030 Golden Agri 0.770 -0.020 HK Land 6.850 -0.030 JMH 43.800 -0.300 JSH 26.460 +0.040 Jardine C&C
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    • 447 7 CURRENCIES Reuters [NEW YORK] The euro fell broadly, hitting a record low versus the Swiss franc yesterday, after Moody’s said it may downgrade Spain’s debt rating, but losses may be contained as liquidity thins going into the holiday season. The dollar, on the other
      Reuters  -  447 words
    • 111 7 BY CENTS CLOSE UP IS S&P500 ***** 35.5 0.2 Lyxor Apex50 10US$ 435 25.0 4.6 DBXT MSPacExJp 10US$ 440 23.6 4.3 DBXT FTVietnam 10US$ 3753 21.0 0.4 HsuFuChi 345 15.0 4.5 DBXT S&P Short 10US$ 4608 13.1 0.2 Asia Pac Brew 1950 10.0 0.5 BukitSem W*****8 242 10.0 4.3
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    • 118 7 BY CENTS CLOSE DOWN DBXT Nifty 10US$ *****-256.0 -1.5 GLD 10US$ *****-145.7 -0.8 Jardine C&C 3686 -74.0 -2.0 Lyxor China H 10US$ 1620 -46.0 -2.1 IS DJ US Tech 6377 -44.6 -0.5 JMH 4380 -39.4 -0.7 DairyFarm 822 -36.8 -3.3 SIA 200 1550 -34.0 -2.1 SIA 1546 -32.0 -2.0
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  • Page 7 Advertisements
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  • SINGAPORE NEWS
    • 354 8  -  This was achieved despite the tough economic environment By NISHA RAMCHANDANI SINGAPORE’s public expenditure on research and development (R&D) in 2009 jumped 15.4 per cent to a new record of $2.3 billion, up from $2 billion in 2008, despite the tough economic
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    • 290 8  -  They see ‘significant mutual benefits’ from such a deal By LEE U-WEN SINGAPORE and Taiwan will begin talks on the possible signing of an economic cooperation agreement early next year. Representatives from both governments have completed their respective feasibility studies and concluded
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    • 223 8 THOUGH it shares the same acronym as the Central Intelligence Agency, the Culinary Institute of America (CIA) is by no means a secret organisation. In fact, CIA is trying to spread its name and goals to develop nutrition science and promote education in the
      223 words
    • 332 8 NATIONAL water agency PUB and National University Hospital (NUH) were honoured yesterday as among the world’s top 15 agefriendly companies the only Asian companies singled out for the award. The AARP International Innovative Employer Award, started by USbased non-profit AARP, recognises groundbreaking workplace
      332 words
    • 443 8  -  The 2-day charity concert features wide range of music by 144 performers By LYNN KAN THE ChildAid charity concert has raised a record $1.28 million for The Straits Times School Pocket Money Fund (STPMF) and The Business Times Budding Artists Fund (BAF) this year, surpassing its
      443 words
    • 202 8 NIAM Chiang Meng, Permanent Secretary (Community Development, Youth and Sports) will be appointed Permanent Secretary (National Population and Talent Division), Prime Minister’s Office, with effect from Jan 1. This will be concurrent with his appointment at the Ministry of Community Development, Youth
      202 words
    • 388 8  -  By LINETTE LIM THE Singapore Management University (SMU) inked a memorandum of understanding (MOU) with the Institute of Certified Public Accountants of Singapore (ICPAS) yesterday. SMU president Arnoud De Meyer also announced a new research centre set up by the
      388 words
    • 406 8  -  Sector holds up well if car sales are excluded By TEH SHI NING SINGAPORE’S retail sales fell more than expected in October. But excluding a continued decline in car sales, economists say retail spending has held up well. Retail sales fell 2.8
      YEN MENG JIIN  -  406 words
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  • ECONOMY WATCH
    • 732 9  -  Latest tankan survey shows first drop in business sentiment in nearly two years By in ANTHONY ROWLEY BUSINESS sentiment in Japan has deteriorated for the first time in nearly two years, confirming fears that the world’s third largest economy is headed for a renewed
      BLOOMBERG  -  732 words
    • 419 9 Reuters [BRASILIA] Rising domestic interest rates and the possibility of lax fiscal discipline in Brazil will support a strong local currency in 2011 and cap the recovery of select industries, a key trade group warned on Tuesday. Local economists see the central bank
      Reuters  -  419 words
    • 409 9 Bloomberg [HANOI] Vietnam’s central bank set the ceiling for dong deposit rates at 14 per cent after local banks committed to the cap to help stabilise the money market. The State Bank of Vietnam as of yesterday requires that deposit
      Bloomberg  -  409 words
    • 305 9 Bloomberg [SYDNEY] Australian consumer confidence rose in December from a five-month low as attitudes on spending improved ahead of the holiday season. The sentiment index increased 0.2 per cent to 111.0 this month, according to a Westpac Banking Corp and Melbourne Institute survey of
      Bloomberg  -  305 words
    • 483 9 It wants more than US$70b; but has yet to tap existing line Reuters [MEXICO CITY] The International Monetary Fund is set to boost its credit line to Mexico to more than US$70 billion as a safety net for Latin America’s No 2 economy
      Reuters  -  483 words
  • Page 9 Advertisements
    • 154 9 Our graduates don’t just read the news, they make it. ANDREW MARIMO KAGORO AW YONG SHENG ADITYA KULKARNI ARJUN BHOWMIK BHAVNA MONGA CAREY CHONG SAX WEI CHEE JUN HAO, JEREMY CHEN YINGTING, MAX CHERLENE CHUA DANISH AHMED DENIS CAZALA DONALD YEO ENG HUAT ELVINA RAHMASARI EUGENE GOH EVANGELINE GOH HUEY
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  • MALAYSIA/INDONESIA
    • 592 10  -  Malaysia Airlines lost over RM8b during ex-chairman’s seven-year tenure By in S JAYASANKARAN THE Malaysian Anti-Cor-ruption Commission (MACC) said yesterday it had new evidence concerning its investigations against businessman Tajuddin Ramli, the man widely blamed for the enormous losses suffered by Malaysia Airlines
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    • 510 10 Bloomberg Bernama [KUALA LUMPUR] Tenaga Nasional Bhd (TNB), Malaysia’s state-controlled power utility, may spend a total of RM9 billion (S$3.7 billion) this financial year and next on capital expenditure to help boost electricity supply, chief executive officer Che Khalib Mohamad Noh said. The
      Bloomberg; Bernama; BLOOMBERG FILE PHOTO  -  510 words
    • 267 10 Pictet-Absl Rtn Glo Cons-P EUR 10.12.2010 EUR 100,27 Pictet-Absl Rtn Glo Div-P EUR 10.12.2010 EUR 112,84 Pictet-Asian Equities Ex Japan-P USD 10.12.2010 USD 183,75 Pictet-Asian Local Currency Debt-P USD 10.12.2010 USD 136,25 Pictet-Biotech-P USD 10.12.2010 USD 287,34 Pictet-CHF Liquidity-P 10.12.2010 CHF 124,14 Pictet-Clean Energy-P USD 10.12.2010 USD 77,70
      267 words
    • 477 10  -  Mandiri Investasi to tap regional market, starting with S’pore By LEE U-WEN WITH almost all of the funds it manages currently parked in its own backyard, Indonesia’s Mandiri Investasi is extending its radar overseas as part of a five-year plan to have up to a
      477 words
    • 456 10 Reuters [JAKARTA] Indonesian coal prices have gained in recent weeks on tight supply as producers ramp up production to fill existing contracts but softer demand from China has kept a lid on gains, traders said here yesterday. Prolonged heavy rains in Indonesia, the world’s
      Reuters; REUTERS  -  456 words
    • 139 10 Bloomberg [JAKARTA] High-octane gasoline consumption in Indonesia, South-east Asia’s biggest economy, may double to five million litres a day next year should the government limit sales of subsidised fuel, the state oil company said. “We have 100 million litres of inventory and it’s enough
      Bloomberg  -  139 words
    • 164 10 Reuters [JAKARTA] PT Telekomunikasi Indonesia, Indonesia’s biggest telecommunications company, said yesterday it is in talks to acquire a majority stake in Cambodia’s largest mobile operator CamGSM in a deal that could be worth over US$500 million. The planned acquisition, which values CamGSM at
      Reuters  -  164 words
    • 522 10 It buys 30% stake in Estonian state oil firm’s project Reuters [KUALA LUMPUR] Malaysia’s YTL Power has acquired a 30 per cent stake in Estonian state oil company Eesti Energia’s oil shale project in Jordan, marking its foray into the upstream oil business,
      Reuters  -  522 words
    • 253 10 AP AFP [KUALA LUMPUR] Malaysia’s ruling coalition yesterday pushed for three top opposition lawmakers to be suspended from Parliament for six months together with their leader, Anwar Ibrahim. Opposition legislators fear that the move will enable Prime Minister Najib Razak’s coalition to change the Constitution
      AP; AFP  -  253 words

  • GREATER CHINA
    • 479 11 Amount for first 11 months comes to US$91.7b; service industry is major driving force, says ministry Reuters [BEIJING] China is on course to attract a record US$100 billion in foreign direct investment (FDI) this year, the commerce ministry said yesterday, evidence that
      Reuters  -  479 words
    • 830 11 They are betting economic growth will make up for it Reuters [SHANGHAI] China’s latest inflation figures may have sent a ripple of fear through global markets, but at many of the multinationals betting on the country’s fast-growing consumer market, executives remain surprisingly unruffled. The reasons
      Reuters; BLOOMBERG  -  830 words
    • 247 11 Reuters [BEIJING] McDonald’s Corp plans to double the number of its restaurants in China to 2,000 by 2013, a senior executive said yesterday, as it speeds up expansion in the fastest-growing major economy. The top global fast food chain, which opened its first
      Reuters  -  247 words
    • 394 11 Reuters [BEIJING] More Chinese households see inflation accelerating from 28-month highs, quarterly polls from the central bank showed yesterday, and that is feeding expectations for a further tightening in monetary policy. More than three quarters of businesses surveyed also said that they believed raw material
      Reuters  -  394 words
    • 447 11 Shares of SKS, India’s only publicly listed lender, fall by 5% Reuters [MUMBAI] Shares of SKS Microfinance, India’s largest and only publicly listed lender to the poor, fell by as much as 5 per cent after lawmakers in the Indian state of Andhra
      Reuters  -  447 words
  • Page 11 Advertisements
    • 141 11 SID Singapore Institute of Directors What lessons have we learnt from recent reported cases of internal control break down and fraud? In our course "Practical Guide for Improved Financial Governance", we will use case examples to demonstrate how internal control deficiencies frauds could have been prevented or detected using appropriate
      141 words

  • WORLD
    • 660 12 Economists interpret recent uptick in interest rates in at least two starkly different ways NYT [WASHINGTON] The US Federal Reserve, batting away unusually fierce criticisms, forged ahead on Tuesday with its effort to prop up the economic recovery by buying US$600 billion in Treasury
      NYT  -  660 words
    • 325 12 Poll of Japanese finds that it’s living on past glory Reuters [TOKYO] If Japan were a person, it would be in its 50s. By contrast, China would be a little over 30, slightly younger than India and more than a decade younger than Italy,
      Reuters  -  325 words
    • 369 12 Bloomberg [ROME] Italian Prime Minister Silvio Berlusconi’s victory in a confidence motion ushered in a period of political dealmaking to avoid another leadership challenge in the remaining two years of his term. Mr Berlusconi survived the no-confidence vote with the backing of 314 votes,
      Bloomberg; REUTERS  -  369 words
    • 634 12 This could mean added pressure on bond programme AP [WASHINGTON] US Federal Reserve chairman Ben Bernanke will likely face more pressure from some of his own colleagues next year to scale back the Fed’s US$600 billion bond-buy-ing programme to rev up the
      AP  -  634 words
    • 604 12 It’s more bullish on sales outlook than analysts Reuters [NEW YORK] General Electric Co expects rising demand for heavy equipment including medical imaging devices and railroad locomotives to drive strong profit growth in 2011, even as margins come under pressure from costs
      Reuters  -  604 words
    • 585 14 The ailing housing market is restraining the consumer price index LATEST US DATA Bloomberg [WASHINGTON] The cost of living in the US rose less than forecast in November, indicating higher prices for commodities such as fuel aren’t filtering through into other goods and services. The
      Bloomberg  -  585 words
    • 539 14 AP [SEOUL] South Koreans stopped their cars, donned gas masks and ducked into underground shelters yesterday in the country’s biggest-ever evacuation drill a government attempt to prepare traditionally indifferent citizens for possible new attacks by North Korea. Fears of war on the divided Korean
      AP; AFP  -  539 words
    • 602 14 AP [WASHINGTON] US President Barack Obama’s compromise tax deal with Republicans a package of cuts that would add nearly a trillion dollars to the US debt was headed for Senate approval yesterday. The measure, which still faces stiff opposition in the House of
      AP; AFP  -  602 words
    • 625 14 Reuters [SYDNEY] Droughts and deluges in Australia, snow in Europe and cold snaps in the United States are pushing up prices of a range of commodities from sugar to heating oil and soybeans. Australia typically ranks as second in the league of global sugar
      Reuters  -  625 words
    • 671 14 Odds are against the US without Pakistan’s help NYT [WASHINGTON] As President Barack Obama prepares to release a review of US strategy in Afghanistan that will claim progress in the nine-year-old war there, two new classified intelligence reports offer a more negative
      NYT  -  671 words
    • 184 14 Reuters [WASHINGTON] US Senate Democrats on Tuesday unveiled an earmark-laden spending bill that would fund the entire US government, and Republicans who have renounced the pet spending projects quickly vowed to oppose it. The 2,000-page spending bill, months overdue, would enable President Barack
      Reuters  -  184 words
  • Page 12 Advertisements

  • EUROZONE CRISIS
    • 757 13 Proposal to boost 750b euro bailout fund rejected by Germany AP [BRUSSELS] Despite calls for bolder action to quell the government debt crisis that has been smoldering in the shakier corners of the continent, European leaders for now are counting on stop-gap measures to keep
      AP; BLOOMBERG  -  757 words
    • 516 13 AFP Reuters [ATHENS] Athens police fired teargas at protesters who threw petrol bombs at two luxury hotels in the central Syntagma square outside parliament yesterday as Greek protests against government austerity measures escalated. As an anti-austerity march of about 20,000 people reached parliament, about 200
      AFP; Reuters; REUTERS  -  516 words
    • 400 13 AFP [LONDON] The European single currency and stock markets fell sharply yesterday after Moody’s rating agency placed Spain on review for a possible downgrade, refocusing attention on the eurozone debt crisis. The euro plunged as low as 1.3286 dollars in earlymorning deals,
      AFP  -  400 words
    • 353 13 Reuters [BERLIN] Luxembourg’s foreign minister was quoted yesterday as warning Germany and France of arrogance, a day ahead of a European Union summit to approve a change in the EU’s treaty that should lead to a permanent rescue scheme for financially troubled members. “I can
      Reuters  -  353 words
    • 550 13 Bloomberg [DUBLIN] Ireland’s bailout aims to wean the nation’s financial system off European Central Bank (ECB) life support. Instead, the country’s lenders remain locked out of debt markets, with no relief in sight. Parliament was set to vote yesterday on the country’s aid from
      Bloomberg  -  550 words
    • 405 13 Perception of Berlin bailing out eurozone sparks DM nostalgia AFP [FRANKFURT] The crisis rattling the euro has shaken Germans’ confidence in the currency but despite the grumbling, the advantages for the world’s No 2 exporter far outweigh the downsides, analysts say. At
      AFP  -  405 words


  • E&Y ENTREPRENEUR AWARDS
    • 696 15 TOILING away to ensure the success of the business you started is never easy, as any entrepreneur will tell you. Add to that the multitude of risks that they have to take, as well as the pressure to ensure that things run well, and
      Photos by ERNST & YOUNG  -  696 words

  • EDITORIAL & OPINION
    • 487 16 EDITORIAL DURING his visit to New Delhi this week, one of the issues that Chinese Premier Wen Jiabao is expected to raise with his hosts is the possibility of a free trade agreement (FTA) between China and India. The idea of an FTA
      487 words
    • 817 16  -  THE BOTTOM LINE ANTHONY ROWLEY Tokyo Correspondent IT USED to be said of the former British Empire that “trade followed the flag” meaning that commerce followed where military conquest led. But the reverse was equally true and the search for markets to satisfy
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    • 1219 16  -  In today’s dynamic tax environment, it is essential to keep abreast of changes taking place By KANG CHOON PIN ,AMY ANG Kang Choon Pin is partner, Tax Services and Amy Ang is director, Tax Services at Ernst Young Solutions
      KEVIN /THE STRAITS TIMES  -  1,219 words
    • 1588 17  -  There’ll be winners and losers, with the biggest beneficiary of a gradual yuan revaluation being China itself By URI DADUSH The writer is director of the International Economics Programme at Carnegie Mellon University A GRADUAL yuan (or renminbi) revaluation will help China and a
      BLOOMBERG  -  1,588 words
    • 704 17  -  REUTERS BREAKINGVIEWS By NEIL UNMACK EUROPE is running out of options to solve its government debt crisis. Eurozone politicians and finance ministers have rejected calls to expand Europe’s bailout funds. That leaves the European Central Bank’s bond purchases as the main defence against market contagion. But how
      AP  -  704 words


  • AVIATION
    • 408 18  -  It handled 40m travellers this year, beating previous mark of 37.7m By VEN SREENIVASAN [SINGAPORE] Changi Airport claimed its place as the world’s sixth busiest airport in terms of passenger numbers as it handled some 40 million travellers this year. Changi Airport’s previous traffic
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    • 345 18  -  Nov cargo load factor also slips as capacity rises By NISHA RAMCHANDANI [SINGAPORE] Singapore Airlines (SIA) saw passenger load factor (PLF) slip three percentage points year-on-year to 78.9 per cent for the month of November as capacity rose on the back of additional
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    • 511 18 Reuters [GENEVA] The airline industry body International Air Transport Association (Iata) unveiled a plan on Tuesday to replace lengthy and sometimes intrusive passenger security checks at airports with a new system aimed at finding “bad people, not bad objects”. Under the project, an
      Reuters  -  511 words
    • 488 18 Reuters [MIRABEL, Quebec] Bombardier Inc rolled out its latest commercial jet on Tuesday and said it is well placed to win new business from airlines emerging from the downturn that need more efficient fleets to control costs. Bombardier, the world’s
      Reuters; REUTERS  -  488 words
    • 3251 18 CITY FLIGHT ETA FLIGHT ETD Abu Dhabi SQ455 1230 KU6458 1425 SQ458 1425 EY473 1940 VA7473 1940 Adelaide LH9771 1745 LH9770 2350 SQ278 1745 SQ279 2350 VS7278 1745 VS7279 2350 9W4081 1830 AF8087 1830 BA7381 1830 JL5084 1830 MU8213 1830 QF81 1830 Ahmedabad NH6292 1850 SQ530
      3,251 words
    • 4215 19 BALISA SHIPPING TRADING PTE LTD 8 Shenton Way, #40-03A, Singapore *****1 Tel: 6345 5700 Fax: 6345 5227 Email: singapore@balisagp.com CR NO. **********0W UK CONTINENT SERVICE U.S.A. SERVICE Destination STXPO TBN Antwerp/UK *Loads Singapore, E./W. Malaysia, Indonesia MIDDLE-EAST SERVICE Destination DING XIANG HAI Camden/New Orleans/Tampico *Loads
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  • Page 18 Miscellaneous
    • 372 18 CRYPTIC CROSSWORD Across 1 25 Shot heard ambulance going round it’s hairy! (9,9) 6 Little fellow, an irritation after a short time (5) 9 Dull male, a Parisian accompanied by dog (7) 10 Getting into bed, one full of desire raged (9) 11 Old boy going to do to celebrate
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  • Page 19 Advertisements
    • 26 19 Shippers looking for Warehouse Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT 9620 1327 BUSINESS TIMES SHIPPING TIMES
      26 words

  • SHIPPING
    • 586 20 Small rebound seen due to anticipated rise in China’s iron ore and coal imports Reuters [SINGAPORE] The main global sea-freight index will nudge up in the first quarter from the current level as strong Chinese demand offsets pressure from an oversupply of vessels
      Reuters; REUTERS  -  586 words
    • 278 20 SGX '000 Dec 15 S$ +/-Vol CH Offshore 0.49 0.01 223 Chuan Hup Hldg 0.24 0.01 70 Cosco Corp 2.11 -0.03 7760 CWT Ltd 0.98 -0.01 1013 Ezra Hldgs 1.74 0.07 ***** First Ship Lea 0.44 unch 246 Freight Links 0.07 -0.01 ***** Grand Banks unch unch 0
      278 words
    • 238 20 Bloomberg [SYDNEY] Wiggins Island Coal Export Terminal Pty, backed by 16 miners including Xstrata plc, is seeking as much as A$3.6 billion (S$4.69 billion) to help build a coal port in Australia, according to a person with knowledge of the matter. The company is
      Bloomberg  -  238 words
    • 256 20  -  By JOYCE HOOI [SINGAPORE] Bjarne Foldager will be Maersk Line’s new country manager for Malaysia and Singapore, the shipping giant announced yesterday. From Jan 15, Mr Foldager will be responsible for the development and execution of strategy, and will oversee sales, operations and
      256 words
    • 618 20 Reuters [FRANKFURT] German tourism group TUI AG is confident that it can float its stake in container carrier Hapag-Lloyd in 2011, a first step in plans to focus on its travel business. Chief executive Michael Frenzel told journalists on Tuesday that his
      Reuters  -  618 words
  • Page 20 Advertisements

  • SINGAPORE STOCKS
    • 9037 21 Transaction date: Dec 15 52-wks Tel Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Code Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 21 14.5 3148 8Telecom 18 unch 202 18.5 18 18 19 1.7 10.1 5.8 86.2 12 4.5 5834
      9,037 words
    • 1646 22 52-wks Tel Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Code Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 7 4 1181 t AA Grp 5 4 5 27.8 4.8 225 130 6222 t APStrategic 160 unch 5 162 157 156
      1,646 words
    • 9429 22 UNIT TRUSTS FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha Fund Cl A!** 1.32/ APS Alpha Fund (USD)!** 1.02/ APS Alpha Fund Cl B SGD!** 1.2/ APS Alpha Fund Cl B USD!** 0.89/ AXA Life Secure Ascent 2020 Fund 0.*****/0.***** AXA Wealth Mgt S'pore Pte Ltd AXA WM
      9,429 words
    • 844 22 52-Wk Tel Last Vol Day Last Quote Div GrYld Net MCap High Low Code Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 124 107 6389 ABF SG Bond ETF 110 109.6 110 502.1 1056 761 CIMBAsean40 100US$ US1012 997 1002 40.5 335 270 DBS STI ETF
      844 words
    • 258 22 52-Wk Tel Last Vol Day Last Quote Div GrYld Net MCap High Low Code Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 56 38 6000 AVJennings A49 +2.5 17 51.5 49 49 51.5 3.6 7.1 3.9 127.6 55 16 6017 Genting HK US$ US43.5 -1 ***** 44.5
      258 words


  • FINANCE & COMMODITIES
    • 374 23 In local curr In S$ In US$ dy yr dy yr dy yr Dec 14 Index Change Change Change Change Change Change World Index Preliminary 895.5 0.3 7.6 0.1 0.8 0.3 8.7 EAFE Preliminary 806.8 0.3 2.8 0.1 -3.1 0.4 4.5 Europe Preliminary 1178.7 0.3
      374 words
    • 178 23 Dec 15 $S Offer Bid 0vernight 0.01 PAR 1-month 5/16 1/16 2-months 3/8 1/8 3-months 7/16 3/16 Overnight mode: 1/16 US$ Offer Bid 7 days 0.35 0.25 1 month 0.40 0.30 2 months 0.43 0.33 3 months 0.46 0.36 6 months 0.56 0.46 9 months 0.80 0.60 12
      178 words
    • 24 23 Dec 15 S$ Bid Offer 1-month 1.3130 1.3135 2-months 1.3130 1.3135 3-months 1.3130 1.3135 6-months 1.3131 1.3136 Source: OCBC Source: OCBC
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    • 121 23 Dec 15 As at 9am Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.34 1.265 Can dollar 1.318 1.268 Euro 1.773 1.705 Sterling pound 2.092 2.012 NZ dollar 1.005 0.958 US dollar 1.323 1.273 Local dollars to 100 units of foreign
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    • 27 23 Dec 15 Open High Sett STI Dec 3141 SIMSCI Dec 374.3 375.0 370.9 Taiwan Dec 310.9 313.0 312.8 Source: MF Global (S) Pte. Ltd
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    • 66 23 Dec 15 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Dec 10 3670 3665 3673 3665 360 1045 Jan 11 3720 3683 3735 3650 1266 8990 Feb 11 3675 3669 3702 3609 9728 ***** Mar 11 3620 3614
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    • 424 23 Dec 15 OPEN HIGH LOW SETT VOL OP/INT EURODOLLAR FUTURES Mar11 99.5650 0 5571 Jun11 99.4200 0 2229 Sep11 99.2750 0 615 Dec11 99.0950 0 465 EUROYEN TIBOR FUTURES Mar11 99.6400 60 1837 Jun11 99.6050 99.6050 99.6050 99.6200 22 1341 Sep11 99.5750 99.5750 99.5700 99.6050 100 1233
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    • 141 23 Dec 15 RUBBER Futures (Closing prices) RSS 3 (US cents/kg) Close Volume O/I Month High Low Sett (lots) (lots) Jan 11 469.0 469.0 469.0 24 Feb 11 469.0 469.0 469.0 4 Mar 11 469.0 Apr 11 470.0 May 11 470.0 Jun 11 470.0 Jul 11 466.5 466.5 466.5
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    • 88 23 Dec 15 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****F 17.03.2011 0.36 1-Year BY*****N 01.11.2011 0.40 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****1E 2.500 01.10.2012 103.67 103.71 103.68 5-Year N*****0S 2.875 01.07.2015 106.61 106.71 106.60
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    • 107 23 Dec 14 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Jan 11 1296.00 1302.50 1311.25 1292.50 Mar 11 1306.00 1312.00 1320.75 1302.50 May 11 1310.25 1316.50 1324.75 1306.75 Jul 11 1311.75 1318.25 1325.50 1308.50 SOYBEAN/OIL (60,000 lbs; US cent/lb) Close Previous High/Low Dec 10 54.80
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    • 77 23 CRUDE OIL PRODUCTS Dec 14 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 91.48 0.16 WTI (Near Mth) 88.12 -0.35 Dubai (1-Mth F) 88.71 0.13 Tapis blend 94.15 -1.30 Minas 91.15 -0.15 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 92.00 -0.25 Jet Kerosene 103.40 0.55 US$/barrel Opec Oil
      77 words
    • 2376 23 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Tel Last Vol Conv Exer Disc Gear-Mths Code Company Sale +or-('000) Ratio Price ing Left 4869 A-Sonic Aerospace W*****0 2 0.5 2177 1 3 -9 2.75 0 AFP Properties EW*****8 32 -1 73 1 10 -5 1.38 59 6221 Asia-Pacific Strat W*****6 31.5 -5.5
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    • 464 23 Dec 15 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.001 6.619 0.746 7.727 44.996 89.688 0.834 11.491 3.117 1.326 85.220 43.674 1.305 6.797 0.955 29.667 29.876 0.631 0.994 Canada 0.999 6.612
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    • 85 23 Dec 15 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 0.***** 12 mths 0.***** 0.***** SWAP Offer rates (S$) 1 mth 0.***** 2 mths 0.***** 3 mths 0.***** 6 mths 0.***** 9 mths 0.***** 12 mths
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    • 139 23 Dec 15 GOLD (US$/oz) Dec 15 Dec 14 Hong Kong 1392.00 1405.10 Dec 14 Dec 13 London 1397.20 1395.00 1397.95 1395.70 Source: Thomson Reuters CAST BAR Dec 15 (S$) Selling Buying Kilobar 62,776.90 ***** PAMP GOLD BARS (S$) Selling Buying 1gm 141 59 5gm 399 293 10gm 713
      139 words
    • 69 23 Dec 14 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 2333.25 2311.50 3 months 2351.00 2331.00 Copper, Grade A (US$/tonne) Cash 9221.50 9295.00 3 months 9165.00 9225.00 Lead (US$/tonne) Cash 2436.50 2422.00 3 months 2450.00 2440.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne) Cash *****.00
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    • 154 23 Dec 15 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.3049 1.3060 0.9938 0.9943 Canadian dollar 1.3036 1.3044 0.9929 0.9930 Euro 1.7497 1.7506 1.3326 1.3328 NZ dollar 0.9841 0.9850 0.7495 0.7499 Sterling pound 2.0674 2.0685 1.5746 1.5748
      154 words
    • 82 23 Dec 14 COCOA (£/tonne) Close Prev High/Low Dec 10 1908 1900 1913/1897 Mar 11 1944 1899 1955/1892 May 11 1960 1915 1970/1909 Jul 11 1976 1931 1979/1926 COFFEE (US$/tonne) Close Pev High/Low Jan 11 1914 1946 1970/1889 Mar 11 1923 1934 1957/1900 May 11 1937 1947 1970/1915 Jul 11
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  • BizIT
    • 680 24  -  The lack of IT standards is a huge roadblock to interoperability, reports VICTORIA HO VICTORIA HO THE state of IT in healthcare is where the banking industry was 25 years ago, according to Steve Boyages, CEO of the Clinical Education and Training
      ST FILE PHOTO  -  680 words
    • 935 24  -  Major PC makers likely to unveil ultraportable devices By AMIT ROY CHOUDHURY IN A continuation of the trends witnessed in the second half of this year, mobility and ubiquitous connectivity will be the two major user requirements that will drive demand
      REUTERS  -  935 words
    • 227 24 MEDIA outlet CNN has joined a slew of other media houses with an app for the iPad which is now available at the Apple App Store. According to KC Estenson, senior vice-president and general manager of CNN.com, the app is
      227 words
    • 824 24  -  By RAJU CHELLAM GIVEN signs of a continuing boom in the global economy, most large enterprises are taking a closer look at the two core applications that drive their businesses ERM (enterprise resource management) and CRM (customer relationship management). And in 2011 these
      824 words

  • PROPERTY
    • 472 25 Offer of 425 pence a share is 26% more than UK firm’s share price on Nov 24 Bloomberg [CHICAGO] Simon Property Group Inc, the largest US mall owner, made a bid for Capital Shopping Centres Group plc that values the UK company at
      Bloomberg  -  472 words
    • 206 25 Reuters [LONDON] JP Morgan Asset Management has agreed to buy the Bishops Square office site in the capital’s City finance district in a deal worth nearly US$900 million. The JP Morgan division has agreed to buy the site from a joint venture comprising
      Reuters  -  206 words
    • 1295 25 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT-IN/LAND AREA*(SQ FT) PRICE (S$'000) PSF (S$) District 1 NON-LANDED Emerald Gdn Apt 22/11/2010 999 936 1450 1549 Emerald Gdn Apt 19/11/2010 999 1507 1920 1274 One
      1,295 words
    • 478 25 Bloomberg ,[LONDON] UK net mortgage lending will shrink by a third next year as the housing market shows persistent weakness, the Council of Mortgage Lenders said. Net mortgage lending will drop to £6 billion (S$12.3 billion) in 2011, the London-based lobby group
      Bloomberg  -  478 words
    • 768 26 Analysts want more curbs to prevent a bursting that would hit the economy AFP [TAIPEI] When 35-year-old Yu Chang-che made a record-breaking offer on an apartment on the fifth floor of The Palace, a gated community in downtown Taipei, he set off a wave
      AFP  -  768 words
    • 673 26 Bloomberg [DUBAI] Property prices in Dubai may drop for the next two years, extending a decline in the Persian Gulf sheikhdom that’s already cut values by more than 60 per cent since the 2008 peak. Residential values may fall as much as 20
      Bloomberg  -  673 words
    • 654 26 AFP [MANILA] The Philippines’ famous diaspora of overseas workers is fuelling a boom in the real estate market back home as they snap up houses and apartments to safeguard their future. Property prices have recovered strongly since the global financial crisis of 2008,
      AFP  -  654 words
    • 565 27  -  Unit land price is about $1,388 psf of potential gross floor area of 75,492 sq ft By KALPANA RASHIWALA TUAN Sing has made its second Singapore real estate property purchase this week. It yesterday inked a deal to buy Serene House, opposite the
      565 words
    • 177 27 Reuters [LONDON] Real estate consultant DTZ said its first half loss narrowed on a strong performance from its Asia Pacific business, as it retained a cautious outlook due to market uncertainty in other regions. The company yesterday posted a pretax loss of £6
      Reuters  -  177 words
    • 872 27 Rents in the CBD may climb as much as 30% next year Bloomberg [HONG KONG] Surging office rents here are prompting firms including Allianz Global Investors to shift out of the city’s most expensive towers as competition for prime space
      Bloomberg; BLOOMBERG  -  872 words
  • Page 25 Advertisements
    • 50 25 1 Get The Savills One-stop Advantage i 1111 rrtj Move in the right direction with our Residential Sales, Leasing Property Manageme T a Savills has more than 200 offices and associates worldwide to meet all your real estate needs, anywhere in the world. Call 6536 5022 6415 3636. savills savills.com
      50 words

  • Page 26 Advertisements
    • 227 26 D.01 COMMERCIAL BUILDING Site Area: 4,500 Plot Ratio: 11.2 CITY FRINGE NEARBY MRT RESIDENTIAL Site Area: 40,000 Plot Ratio: 1.4 D.14 NEARBY EUNOS MRT RESIDENTIAL Site Area: 23,000 Plot Ratio: 1.4 RAFFLES PLACE SUNTEC SOUTH POINT Strata Floor Area: 1,900 to 16,000 sf V International Property Group Pte Ltd ©+65
      227 words
    • 27 26 ST MICHAEL'S RD ST GEORGES'S RD S E R A N G O O N R O A D BENDEMEER ROAD WHAMPOAEAST WHAMPOASOUTH BENGWANRD P I E
      27 words

  • Page 27 Advertisements
    • 119 27 FOR SALE TANGLIN SHOPPING CENTRE FREEHOLD EXCLUSIVE TANGLIN RD CUSCADEN RD ORCHARD I PARADE HOTEL ORCHARD RD FOUR SEASONS HOTEL ORCHARD BOULEVARD O u GRAND CO HYATT II— O MT ELIZABETH O HOSPITAL C/) For Enquiries, Email: tanglinsc@gmail.com Jean Goh: 9008 1700 I Nicolas Wee: 8183 5978 Prime freehold commercial
      119 words
    • 41 27 REALSTAR THE LEADING BUNGALOW SPECIALIST fDrea mi Ka revise! You FjjnditAnywhere! [r>iqioo: B :,8boo S23.8M Land Nassim Road 27CX)OSf Land (a) Swiss Club *****/***** sf Land Da Ivey ***** sf n v Brand New Binjai Park Closing soon! L: ***** B:7500
      41 words
    • 200 27 FOR SALE BY TENDER Lion City Hotel Hollywood Theatre Site Freehold Redevelopment Site For a mix of Residential and Commercial Development up to a GPR of 3.39 Site Area: 13,741.2 sq m (147,909 sq ft) Master Plan Zoning: Hotel/Commercial At the fringe of Proposed Paya Lebar Central Sub-regional Centre Within
      200 words